Global music industry hits record high revenue of nearly $30 billion

New figures released on March 19 show that the global music industry earned $29.6 billion last year.

This is a record high as streaming services bring in their highest revenue since the early 1990s.

The music industry grew for the 10th consecutive year, with revenues up 4.8%, according to a report by the International Federation of the Phonographic Industry (IFPI), which represents many global record companies. Streaming services now account for 69% of global revenues, equivalent to $20.4 billion.

Meanwhile, revenue from sales of tapes, CDs, etc. will fall 3.1% in 2024, after rising 14.5% in 2023. However, revenue from vinyl records increased 4.6% last year, the 18th consecutive year of growth.

The biggest music markets remain the US, Japan and the UK, while the fastest growing regions are the Middle East and North Africa (up 22.8%), Sub-Saharan Africa (up 22.6%) and Latin America (up 22.5%). IFPI confirmed that Taylor Swift will be the most streamed artist in 2024.

However, the world's most-streamed single last year was "Beautiful Things" by US artist Benson Boone, with 2.11 billion streams, followed by "Espresso" by US artist Sabrina Carpenter, with 1.79 billion, and "Lose Control" by US artist Teddy Swims, with 1.7 billion.

At the report's launch event in London, UK, representatives of the music industry also expressed concern about the use of Artificial Intelligence (AI) in the arts.

IFPI director Victoria Oakley shared that the technology is illegally “consuming” copyrighted music to train models.

She believes that AI brings opportunities to the music industry, but also presents a huge challenge ahead, noting that this is "a very real and present threat to human art"./.

(Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/nganh-am-nhac-toan-cau-dat-doanh-thu-cao-ky-luc-gan-30-ty-usd-post1021749.vnp